Question 1
Basim purchased a deferred annuity from an insurance company for $10 971. The money used to purchase the annuity will earn 6% quarterly. The annuity will provide 16 quarterly payments of $1000. If the first payment is to be received on October 1, 2017, when did Basim purchase the deferred annuity?
◦ April 1, 2011
◦ April 1, 2013
◦ October 1, 2013
◦ June 1, 2014
◦ October 1, 2017
Question 2
Leons has a promotion on a refrigerator selling for $1750. Buyers will pay "no money down and no payments for six months." The first of 12 equal monthly payments is required 6 months from the purchase date. What should the monthly payments be if Leons is to earn 15% compounded monthly on its account receivable during both the deferred period and repayment period?
◦ $168.07
◦ $182.24
◦ $1885.42
◦ $1862.14
◦ $170.17
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Masaccio, The Tribute Money.
Grade 1 learn Canadian money
Learn Canadian money grade 1